CBRE recently announced the successful sale of an eight-unit multifamily community in Laguna Beach. The property was purchased by a private investor from Orange County for $3.075 million, equating to a sale price of $908 per square foot and $384,375 per unit. Leading the transaction were EVP Dan Blackwell and first VP Mike O’Neill on behalf of the seller, also based in Orange County.
Situated at 525 Catalina, just blocks away from Laguna’s Main Beach and downtown area, this two-story building was constructed in 1957 and spans 3,388 square feet on a spacious 0.14-acre lot. Each unit offers stunning ocean views with all studio layouts available for rent. This is the first time this highly desirable property has been listed for sale in over fifty years.
According to Blackwell: “Our team received six competitive offers within just two weeks after marketing this prime value-add asset.” He added that they ultimately closed with an all-cash buyer who met their asking price within only thirty-three days – completing the entire process from listing to closing within fifty-one days.
This recent transaction serves as further evidence of CBRE’s expertise when it comes to facilitating successful real estate deals throughout Southern California.
